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Horizontal Development of Science – Can financial dogma be sustained?

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  • Botos, Katalin

Abstract

Rethinking economics is unavoidable. There is no value-free economics. It is necessary to create more practical curricula when teaching economics. Economics is not a vertical, but a horizontal science. There is not only one model, there are different models. It is important to include the functioning of monetary institutions in the economic models to be able explain the economic crises. Rethinking monetary rules is important. Modern money creation causes credit boom, income inequalities and financialisation. Banks are not financing real investments. Credit is given to finance consumption which leads to debt slavery. Central bank independence was not enough to stop the crises in the economy. Both money creation by the government and by the banking system may cause crises. We can only choose between two bad options. It is necessary to reinvent ancient morals and make economics more ethical.

Suggested Citation

  • Botos, Katalin, 2018. "Horizontal Development of Science – Can financial dogma be sustained?," Public Finance Quarterly, Corvinus University of Budapest, vol. 63(3), pages 335-344.
    • Handle: RePEc:pfq:journl:v:63:y:2018:i:3:p:335-344
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    File URL: https://unipub.lib.uni-corvinus.hu/8731/
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    More about this item

    Keywords

    teaching of economics; monetary institutions; assets in banks; financing consumption; money creation; economics and morals;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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